According to Okwechime, AI can be used to automate a significant portion of the credit-risk assessment, credit-lending underwriting process, lenders faster and extend services to more customer segments without the need to increase the workforce. . He explained that by increasing the data, the credit decision engine was developed using advanced statistical methods to generate risk ratings for customers based on various data characteristics. “Such methods can be used to approve loans without having to visit a bank branch or any other access point. It can handle risks to acceptable levels and provide appropriate credit lending limits tailored to the customer’s circumstances, ”he said.
Over the years, as digital channels for operating businesses have grown significantly, AI has emerged as an important tool to prevent fraud and financial crime. Okwechime revealed that AI has the innate ability to analyze large amounts of data and detect fraud trends, which can then be used to detect fraud in real time. He explained that it is especially useful in detecting fraudulent bank transactions and transactions that do not fit the normal behavior of certain customers. “These systems are self-learning and can detect transactions that have similar tendencies to fraudulent activity detected in the past,” Okwechime said. AI also plays a key role in the prevention of identity scams, allowing digital channels to verify the identity of government-issued IDs, biometrics and voice matching through face matching.
Okwechime AI claims to be helping marketers with a new level of awareness and lasting commercial benefits, especially with the ease of communicating with customers, with multiple channels for communication and customer acquisition. “AI uses customer data and profiles to learn how to best communicate with customers, and then deliver favorable messages to them at the right time without the intervention of marketing team members, ensuring maximum efficiency.” He said businesses could also use AI to prioritize leads, especially when companies have hundreds of leads per day but are relevant when they have limited resources. “By using data such as drop-off information collected during customer onboard, AI prioritizes the most likely leads to change, ensuring efficient use of limited marketing resources while at the same time increasing conversion rates.”
Chatbot (communication agents or dialog systems)
There is a new wave of change in the way consumers interact with services due to the growing demand for faster responses from customers. According to Okwechime, AI-powered chatbots use natural language processing to understand conversations and their contexts so that appropriate responses can be generated. He explained that recent advances in companies such as Apple (Siri), Google and Amazon (Alexa) have introduced voice-controlled virtual assistants that can transcend text-based chats and answer endless questions in natural language communication with proficiency. “In a market like Africa, the literacy rate is far behind the global average, revolutionizing how voice-controlled products and services interact with consumer technology platforms, reducing barriers to entry and improving technology adoption,” he said.
Finally, Okwechime, Okwechime, combines advanced techniques from AI, deep learning, data-stream processing and domain technology to analyze data collected from operational pipelines to maximize efficiency, reduce costs and maintain optimal delivery and quality of services. Depending on the type of business, it covers many verticals, not limited to:
- Using Images or Videos for:
- Do quality control on products or raw materials.
- Calculate the high volumes of stock.
- Tag the required information about the product, such as visible license numbers, color, manufacture and manufacturer.
- Using historical data to estimate prices when purchasing goods or services.
- Using macroeconomic factors to assess value and any pending appreciation or depreciation.
- Estimate periods or high demand locations with appropriate notice to prepare accordingly to increase returns.
- Liquidity Management Predicts future events of liquidity challenges based on expected or projected growth.